Most business owners I meet want to grow their business. It’s the best way to harness one of the key benefits of owning a business: leveraging other people’s time. The more people you have, the more jobs you can be running, and the more revenue you can earn.However, most owners fail to make the most of their potential because they’re not good people-managers or delegators. And herein lies the problem: people can’t be managed, they can only be led. So with intent, the focus should be on … [Read more...] about Empower your people to grow your business
Picture it: the day someone hands you a great big cheque to buy your business. The question is: how big is the cheque? For me, business success ultimately means building a business that others are clamouring to buy (and are willing to pay a truckload of money for the privilege). Whether you decide to sell or not is up to you - it’s all about having the choice.For many business owners, selling their business for a huge sum seems like a pipe dream. But if you plan ahead and chip away over time, … [Read more...] about Four questions to grow your sale price
Could you start at 4am to work in a cold, smelly fish market all day?What if I said those people were having the time of their lives - joking and singing and throwing fish around, and their magnetic enthusiasm has customers standing 15-deep at their stall while other fishmongers are practically empty?This is the true story of the Seattle Amazing Fish Market in the US, as told in the great book Fish! Irrespective of the industry and working conditions, people can still enjoy work while doing a … [Read more...] about Building a great culture
The world is constantly changing. What was revolutionary when we started our business is outdated today. Your business needs to evolve or you’ll be left behind. That requires regular strategic planning.Yet, surprisingly, many business owners I meet don’t set aside time each year for strategic planning. Some don’t have any sort of plan at all.If you don’t have a plan, it’s too easy to get sidetracked by all the stuff that life constantly throws at you. You’ll rarely reach your end goal - … [Read more...] about The delicate dance between planning and doing
You may have the best product or service in the world and the most committed and capable team imaginable; or you may be a star performer at the top of your game… but it can all come crashing down if you can’t communicate effectively between yourselves or to your customers.That’s why it’s imperative us business owners first set the standard for how we communicate internally and externally, then ensure everyone - from fellow owners / directors down - maintains those standards.The question is: how … [Read more...] about The guiding principles of effective communication
If your business relies solely on you to get the work done, it can be argued you don’t have a business: you’re self-employed. While that sounds harsh, it simply boils down to how intrinsic you as the owner are to your business. While it can be challenging for us business owners to step back and let go, that’s precisely what we need to do. Yes, we can do the work – faster and better than anyone else – but that’s not the point. If you want to build something bigger than yourself, that doesn’t … [Read more...] about Did you buy a business or a job?
"The most important thing in business – indeed in life – is to understand your purpose."So said our first business coach, who urged me and my fellow founder, Robert Hadded, to document our business ‘purpose’ for The Practice – also called a mission statement.Now for two 24-year-old upstarts in their first year in business, it would have been easy to dismiss this as fluff. But we had our eyes on a bigger prize – building a business that transcended the two founders. We wanted a business that our … [Read more...] about The Power of Purpose
It was the cleaner’s first day on the job at Disneyland. But his frazzled boss didn’t have time to brief him or give him a uniform – or even a mop! He only had time to tell him the mantra at Disneyland: “Make People Happy.”So the uniform-less and mop-less cleaner headed out to start work. He soon came across a crying boy and upset mother. The boy had spilled his milkshake and it had gone everywhere. He had no cleaning tools to do his job, but with “Make People Happy” ringing in his hears, he … [Read more...] about WHY are you so special?
They say you need to be crazy to go into business... here's the proof.Business owners wear many hats: boss, salesperson, owner, manager, cheerleader, visionary, psychologist, counsellor, quasi- parent. But they perform two broad roles: a director actively working in the business, and a shareholder seeking a return on their investment.You and your business are two separate legal entities, often with wildly differing objectives, so it’s important to delineate the two. Too often, the owner is the … [Read more...] about Business owners need a split personality
If there’s one thing I’ve learned over my 20 year career of helping business owners build awesome businesses (and growing my own), it’s that the true secret of business success is to build a business that others want to buy – even if you don’t plan on selling any time soon.Building a business others want to buy is not actually about the sell; it’s about having a sell mindset.A sell mindset involves taking action now to build a business that others will pay top dollar for in the distant future. … [Read more...] about The #1 secret of business success